When your introductory mortgage deal comes to an end, your mortgage lender may offer you a new deal to stay with them, this is known as a product transfer.
You should know that you are under no obligation to take this deal, you don’t have to stay with the same lender if you don’t want to. It is more than likely that there is a better deal out there through another lender that is more beneficial for your personal and financial situation. It’s just the case of finding that perfect deal for you, that’s where your local Mortgage Broker in Manchester comes in to help.
Unfortunately, lenders will not reward you for your loyalty. Even if you have been a customer for 5 years, 10 years, it makes no difference. Lenders are even known for offering new First Time Buyer customers better rates than existing customers, like you.
This is another reason to shop around and look for more competitive deals. You can either do this by yourself or get the help from an expert Mortgage Advisor in Manchester. Manchestermoneyman has over 38 different lenders on panel that we can access and search through to find you an amazing mortgage deal. We find that most of the time, our customers can get better rates and they are missing out on them because it’s more ‘convenient’ to stay with your current lender.
Whilst swapping to a new deal with your current lender may well be fairly easy online, it is always in your interest to see what other deals you may be eligible for. Lenders will also tempt you to effect a new deal online without taking advice.
This can be really dangerous because if you do this without advice you are waving goodbye to all the valuable consumer protection you would otherwise have benefitted from. Rushing into things is the worst thing to do, discover all of your options prior to making a final decision.
You will definitely benefit from a free mortgage consultation at Manchestermoneyman, once we have your information keyed in, we will pass you onto a Mortgage Advisor in Manchester who will talk you through all of your mortgage options and try and help secure you an excellent deal.
We have seen numerous examples of customers being affected these “follow-on” deals have ended up being locked into an inappropriate deal. Lenders like it when you out of advice as you did everything on your own so you can’t really make a complaint.
We did have a recent case where a customer who was pregnant did this. They were declined for a small further advance to fund some necessary home improvements a few months later. She then had to pay a hefty early repayment charge to swap to a new lender who would grant her the additional funds.
If you get mortgage advice from a Mortgage Broker in Manchester, like us, we will always have your interest at heart and only recommend you with options that will benefit you most.
This doesn’t necessarily mean that we will tell you to switch, if your product transfer is your best option, we will recommend that you take action and take up the deal whilst you can.
In short, even if your requirements seem straightforward, we always recommend you always take advice. A second opinion costs nothing and making a mistake when taking a new product can be costly.
The remortgage market is highly competitive. Savings can often be made by searching the market for a new deal. Getting help from an experienced Mortgage Advisor in Manchester could be your best option, especially if your financial or personal circumstances have changed since your first deal.
If you require further product transfer advice or Remortgage Advice in Manchester, feel free get in touch with your local Mortgage Broker in Manchester.